In order to meet the requirements of accurate flow and stable control of excavator hydraulic system, this paper systematically studies the core performance of electric proportional multi-way valve based on the flow curve of mainstream multi-way valve in the market. Firstly, the physical models of proportional pressure reducing valve and electric proportional multi-way valve are built in AMESim software. On this basis, the influence of three key structural parameters of spring stiffness, spring preload and spool cover on the outlet flow performance curve of multi-way valve is mainly explored. Then, the orthogonal test method is used to carry out multiple sets of simulation tests and optimization analysis on the above variable parameters. Taking the flow curve of the mainstream multi-way valve as the target reference, the optimal parameter configuration is finally determined by comparing and screening the simulation results under different parameter combinations. The optimized simulation results show that the flow error between the flow characteristics of the electric proportional multi-way valve and the mainstream multi-way valve curve is only about 3.14%, and the system outlet flow curve is more gentle, which effectively improves the stability of the flow output. It provides appropriate research theoretical guidance for the later research and design of electric proportional multi-way valve.